Connect with us

Altcoins

How To Buy Monero (XMR) on LocalMonero.co

Published

on

LocalMonero

Unlike what mass media may tell you bitcoin is not anonymous. All bitcoin transactions can be viewed of the digital currency’s public ledger called the blockchain. Hence, for digital currency users who rate transaction privacy and anonymity highly bitcoin is not the best option. Instead, users who want to be able to have complete personal financial sovereignty are starting to adopt monero (XMR), the leading privacy-centric cryptocurrency.

What is Monero?

Monero is an open source, secure and private cryptocurrency that offers untraceable financial transactions. Launched in April 2014, its default privacy feature has appealed to users who are concerned with mainstream digital currencies becoming less anonymous due to regulatory pressures. Monero is based on the CryptoNote protocol with one time keys being used to ensure transactions between individual parties are unlinkable and remain private.

Users details are shielded from outside observers by leveraging ring signatures and stealth addresses to hide the details of transacting parties. Ring signatures work by mixing a user’s account keys with public keys from monero’s network to design a “ring” of signers making it difficult for anyone to view your balance on the blockchain. Another privacy-enhancing feature would be the use of stealth addresses which are one-time addresses, generated randomly for each transaction on behalf of the buyer. This makes it near impossible to link the transaction to any of the parties published addresses.

Monero has no block size limit and thus is able to handle a large volume of transactions per seconds. It can be purchased through exchanges like Kraken, Poloniex, and Bitfinex. However, one exchange that is slowly gaining traction in the monero community is the new peer-to-peer exchange Localmonero.co.

Buy Monero anonymously using LocalMonero.co

LocalMonero is a Hong Kong-based cryptocurrency exchange that was launched in August 2017. Similar to LocalBitcoins, the platform allows users to purchase monero using fiat currencies. However, it differs from Localbitcoins and other traditional platforms by laying emphasis on the privacy of its users.

To begin with, the exchange does not require users to provide ID and address verification. The company also doesn’t retain any IP logs and trade chat logs are stored for 180 days only for the purpose of dispute mediation. The logs and any attachments uploaded in the chat are encrypted to prevent unauthorized use. The platform also allows users to buy and sell monero offline at a place of their choosing and is available worldwide.

How to Use the Exchange

Signing up to the platform is free and straightforward with requirements being a username and a password. Users have the option to register using their email address or not. Once a user has logged in he will view a list of people buying and selling XMR and their locations. Currently, there a number of active trades on the platform, indicating there was a need for the platform in the market.

LocalMoneroUsers can select any of the listed ads showing buy and trade orders and execute trades. It would be advisable to filter the search results using the “buy” and “sell” tab on top of the page by inputting the country, local currency and preferred mode of payment. This way users can concentrate on offers that meet their criteria. Alternatively, if nothing looks appealing you can scroll to the bottom section of any trade and create an ad. For the ad to be visible you need at least 1.000000000000 XMR in your LocalMonero wallet. Advertisers on the platform are charged a 1% fee on any completed trades. The exchange allows users to deposit funds in their accounts through bank transfers or via other conventional means.

Africans seeking to purchase XMR on LocalMonero will find the site flexible as users can contact the buyer or seller directly, request a meetup and most importantly, make use of the variety of payment options like Paypal, cash and even, “cash by mail”.

If you buy monero on the exchange the cryptocurrency will appear in your LocalMonero wallet and, thereafter, send it to your personal Monero wallets. The reverse will happen when you want to sell as you have to top up your LocalMonero account with monero from your other wallets. Sending or receiving Monero to your LocalMonero wallet should take about 10-60 minutes.

All online trades are protected by an escrow to ensure both transacting parties fulfill their obligations. Users who have issues with a trade, or payment for the matter, can dispute the trade and it will be resolved in a day or two by the LocalMonero team.

If you want to access LocalMonero while hiding your IP address, you can use Tor or I2P to do so to make your monero purchase anonymous and very hard to trace.

Presently, the price of monero (XMR) is currently at around $90 and the cryptocurrency has a market capitalisation of $1.3 billion. LocalMonero offers a direct and hassle-free way to trade fiat currencies for XMR that is secure and ensures users remain anonymous.

Altcoins

Malicious Digmine Monero Miner is Spreading Through Facebook Messenger

Published

on

Digmine Monero Miner

A new way for hackers to generate income using cryptocurrencies is by infecting their victim’s computers with malicious cryptocurrency mining software to use their victims’ computing power to mine the anonymous cryptocurrency monero. Cryptocurrency mining botnets operate by remaining in a victim’s computer long enough to yield as much hashing power as required while infecting as many computers as possible. Consequently, the more computers that are infected, the higher the hash rate which in turn means high income for the cyber criminals. One such botnet that has been discovered is the Digmine Monero Miner.

What is Digmine?

Digmine is a botnet that mines monero and spreads through the desktop Chrome version of Facebook Messenger. When opened on other platforms such as mobile, the malware does not operate as it is meant to. Digmine has been discovered in countries such as South Korea, Philippines, and Thailand.

The bot is sent to potential victims disguised as a video file which is, in fact, an Autolt executable script. If you have set your Facebook account to log in automatically, Digmine uses Facebook Messenger to send links of the file to your friends.

The manipulation of Facebook currently depends on propagation. However, since the code can be updated, cyber criminals can use Digmine to take complete control of a Facebook account.

How Does Digmine Work?

Digmine downloads and then saves various components which are contained in the C&C (command-and-control) server. In addition, the bot installs an autostart registry and an infection marker.

Next, Digmine searches for the Chrome application and then launches it. It also retrieves a browser extension from the C&C server for loading. In case Chrome was already running, Digmine closes the application then launches it again through the command line to enable the malicious extension to load.

The C&C server then gives instructions to the extension to either log into Facebook or launch a bogus page to play a video. The page disguises itself as a video streaming site but it actually contains all the malware components.

The role of the extension is propagation through interacting with Chrome and Facebook Messenger. Triggers that are derived from the C&C server are responsible for propagation.

The miner module is downloaded by codec.exe. It connects to another C&C server to access the miner and the relevant configuration file.

How to Avoid Digmine and Other Crypto Mining Botnets

Cryptocurrency mining botnets are targeting social media platforms and here is what you can do to avoid these threats:

  • Delete the accounts of social platforms that you have stopped using because cyber criminals can use them to access other accounts linked to it.
  • Update your apps as soon as new versions are released. The new security features protect your device from new threats.
  • Create different passwords for your various social media accounts. Your passwords should also be strong.
  • Create a different email for your social media accounts so that if these accounts are hacked, the attacker will not access your personal information.
  • Verify that a news story on a social media platform is genuine before clicking on it. For instance, look out for clickbait headlines or grammar errors.

Additionally, Facebook offers tips on how to secure your account via its help centre page.

It is evident that malware threats in cryptocurrency are real and that they are effective. Therefore, ensuring that your devices and social media accounts are secure should be a priority.

Continue Reading

Altcoins

You Can Now Top Up Your Mobile Phone with Bitcoin and Litecoin

Published

on

Top Up Your Mobile Phone With Bitcoin

With cryptocurrencies going mainstream, more companies are finding ways in which they can leverage their use in order to boost their adoption. One such company is Bitrefill.

Bitrefill is a web-based platform that enables end users to top up airtime to any prepaid mobile phone across the globe using bitcoin. Bitrefill has recently announced that it has also added litecoin as an alternative that users can now utilise to top up airtime in light of rising bitcoin transaction fees.

Although users were able to use litecoin to purchase airtime before, the process was long and tedious. Users who opted for litecoin had to use the ShapeShift payment integration platform which needed a bitcoin transaction first. This means that users had to pay both the bitcoin transaction fee as well as that of litecoin making the transaction more expensive.

However, with their recent update, litecoin mobile recharges are now native and do not require users to first make a bitcoin transaction. In addition, purchasing airtime top-ups using litecoin is cheap, fast and work anytime, anywhere and to anyone.

How Bitrefill Works

Bitrefill is an easy-to-use platform that supports airtime top ups for prepaid SIM cards and works with more than 600 operators in 150 countries. Once on the platform, users will need to fill in their mobile numbers, choose the credit amount and pay either using bitcoin or litecoin. Once users have filled their numbers and the amount of credit, a wallet address is then generated by Bitrefill that enables users to key in the number of bitcoins that needs to be sent. Once the bitcoin network verifies the transaction, Bitrefill’s servers then pay the operator. Users then get their airtime top ups added almost immediately to their phones.

This makes it easy for users to top up their phones and eliminates the need to travel long distances to purchase airtime. The news also comes at a time when bitcoin fees for payments and transactions are rising making it more expensive for individual money transfers and payments. This is due to the scalability issues that the bitcoin network is facing. With more people using the bitcoin network to send and receive the digital currency, the process of confirming transactions is taking longer and is making fees more costly.

Bitrefill’s addition of the digital currency litecoin for purchases is a welcome move by cryptocurrency users who want to top up their mobile phones online.

Continue Reading

Altcoins

Zimbabwean Exchange Golix Adds Ether and Bitcoin Gold to its Trading Platform

Published

on

Golix Adds Ether and Bitcoin Gold

While Zimbabwe has had its fair share of political woes this year, the adoption of cryptocurrencies in the Southern African country has continued to grow. This is evident by the increasing trading volumes on its local bitcoin exchange Golix.

In a bid to boost cryptocurrency adoption in the Southern Africa nation, Golix – Zimbabwe’s only local cryptocurrency exchange platform – has added bitcoin gold (BTG) and ether (ETH) to its trading platform. This brings the total number of digital currencies on the exchange to six.

In an interview with The Financial Gazette, Golix’s Growth Manager, Panashe Tapera said,

“It is our belief that digital currency will form the basis of the future of finance, our mission at Golix is to bring digital currencies to everyone in Africa.”

While adding Ethereum’s ether is a good move considering that it tops the charts on the top ten altcoins and is popular, the case might be different for bitcoin gold.

Bitcoin Gold’s Existence

The key reason for the creation of bitcoin gold was to decentralise bitcoin mining. Bitcoin gold came to be after an October bitcoin hard fork.

A hard fork is an irreversible blockchain split that occurs when there is a software upgrade that is enforced but is not supported by a segment of the network. Whenever a fork happens, a different form of bitcoin is created. In 2017, bitcoin experienced two hard forks.

Although by market cap it is a top ten cryptocurrency, bitcoin gold is not as popular as bitcoin or Ethereum globally. While the move by Golix is a smart decision and is aligned to their goal ‘to bring digital currencies to everyone in Africa’, the question on whether the demand for bitcoin gold will soar in Zimbabwe or not, is yet to be seen.

With about 70 percent of the population in Zimbabwe unbanked and looking at digital currencies as an alternative form of investment and a way of regaining financial control, the central bank of Zimbabwe still considers bitcoin illegal due to its lack of a legal framework.

As Golix continues to make efforts to push for adoption of cryptocurrencies, it is only a matter of time before the impact will be felt in Zimbabwe and in Africa.

Continue Reading

Popular Posts